State Street Investor Confidence Index rose 540 bps in May

• State Street Investor Confidence Index: 97.9 in May vs. 92.5 in April (revised from 92.7).
• North American ICI falls to 97.8 from 92.2.
• Asia ICI to 100.8 from 91.8.
• European ICI to 93 from 94.3.
• “Investor risk appetite improved by its largest margin of the year in May, buoyed largely by reopening optimism on the heels of broader vaccination access, particularly in advanced economies,” commented Marvin Loh, senior macro strategist at State Street Global Markets. “Rising yields, which had generated investor concern earlier this year, have been generally stable recently, contributing to positive gains in investor confidence in both North America, as well as Asia, even in spite of ongoing issues with vaccine rollouts in Asian countries. In contrast, European investors saw a slight contraction in confidence this month as gains on the vaccination front were met with slightly higher yields.”